First Trust Correlations

FSGS Etf

30.91 0.14 0.45%

The current 90-days correlation between First Trust SMID and First Trust Nasdaq is 0.81 (i.e., Very poor diversification). The correlation of First Trust is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Very poor diversification

The correlation between First Trust SMID and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SMID and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with First Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust SMID. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with First Etf

0.64	VBR	Vanguard Small Cap	Pair Corr
0.64	IJJ	iShares SP Mid	Pair Corr
0.74	DES	WisdomTree SmallCap	Pair Corr
0.64	MDYV	SPDR SP 400	Pair Corr
0.64	ITWO	Proshares Russell 2000	Pair Corr
0.82	DVXB	WEBs Defined Volatility	Pair Corr
0.65	SAWS	AAM Sawgrass Small	Pair Corr

Moving against First Etf

0.4

PHT

Pair Corr

Related Correlations Analysis

	FTXR	WBIF	SAA	ROMO	NUDV	EMM	JFLI	IEDI	UYM	DIVY
FTXR		0.39	0.79	0.66	0.94	0.66	0.79	0.36	0.46	0.86	FTXR
WBIF	0.39		0.76	0.73	0.41	0.37	0.49	0.51	0.62	0.56	WBIF
SAA	0.79	0.76		0.7	0.79	0.46	0.72	0.72	0.75	0.86	SAA
ROMO	0.66	0.73	0.7		0.66	0.86	0.85	0.17	0.31	0.63	ROMO
NUDV	0.94	0.41	0.79	0.66		0.6	0.86	0.34	0.52	0.9	NUDV
EMM	0.66	0.37	0.46	0.86	0.6		0.8	-0.08	-0.02	0.42	EMM
JFLI	0.79	0.49	0.72	0.85	0.86	0.8		0.2	0.3	0.74	JFLI
IEDI	0.36	0.51	0.72	0.17	0.34	-0.08	0.2		0.74	0.51	IEDI
UYM	0.46	0.62	0.75	0.31	0.52	-0.02	0.3	0.74		0.7	UYM
DIVY	0.86	0.56	0.86	0.63	0.9	0.42	0.74	0.51	0.7		DIVY
	FTXR	WBIF	SAA	ROMO	NUDV	EMM	JFLI	IEDI	UYM	DIVY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NUDV	+ 0.94	FTXR
DIVY	+ 0.9	NUDV
DIVY	+ 0.86	FTXR
DIVY	+ 0.86	SAA
EMM	+ 0.86	ROMO
JFLI	+ 0.86	NUDV

High negative correlations

IEDI	- 0.08	EMM
UYM	- 0.02	EMM

First Trust Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FTXR	0.94	0.09	0.10	0.15	1.06	(1.04)	2.17	(1.82)	4.77
WBIF	0.63	(0.05)	(0.06)	0.02	0.88	(0.64)	1.31	(1.27)	4.48
SAA	1.75	(0.08)	0.02	0.04	2.19	(1.88)	3.62	(4.20)	8.62
ROMO	0.53	(0.01)	(0.02)	0.07	0.75	(0.49)	1.03	(1.28)	3.28
NUDV	0.50	0.01	(0.01)	0.09	0.49	(0.58)	1.02	(1.00)	2.58
EMM	0.75	0.04	0.02	0.12	1.02	(0.72)	1.50	(1.59)	5.16
JFLI	0.37	0.00	(0.07)	0.07	0.46	(0.37)	0.70	(0.82)	1.93
IEDI	0.60	(0.02)	0.00	(0.83)	0.00	0.00	1.31	(1.47)	3.38
UYM	1.51	(0.07)	0.00	0.04	1.76	(1.56)	3.23	(3.08)	7.36
DIVY	0.57	(0.02)	(0.05)	0.05	0.72	(0.55)	1.04	(1.20)	3.11

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